who does class 3 trusts?

jtischauser · Jan 1, 2015

Jason Grant said:
I'm NOT an attorney and CAN'T provide legal advise either but as i understand it, a will is basically a set of instructions for the court to use after your death if your estate requires a probate.
The trust can avoid probate and is typically private compared to a probate. A will is part of a trust.
You can also have just a will, but it will not avoid probate on it's own..
To my limited knowledge, you can't name minors in a gun trust as succesor trustees because they can't own them. You might be able to name guardians for the minors until they come of age
No matter what, do your homework...good attorneys are worth their money over the long haul imo
Hopefully some of our licensed legal shooting friends will chime in to provide some good advice

That's what I meant to say.

Wildcat · Jan 1, 2015

My kids are listed as successors/beneficiaries in my gun trust. It just states that the items must be held by another trustee until they are of age.

Scott Hearn · Jan 5, 2015

Jason Grant has it pretty close. Your Will can create a testamentary trust upon your death. But you have to stipulate that and all the details, trustees, purpose, beneficiaries, etc. in your will. A trust is a legal entity similar to a corporation so it holds title to your property. That's why there's nothing to probate if you already have a trust in place when you die. If you specify a trust to be created in your Will the probate court will decree it's establishment which basically creates it at that time. And yes, do a NFA trust all by itself, it's just a better idea and NFA trusts are much cheaper that a revocable trust.

jtischauser · Jan 5, 2015

Scott Hearn said:
Jason Grant has it pretty close. Your Will can create a testamentary trust upon your death. But you have to stipulate that and all the details, trustees, purpose, beneficiaries, etc. in your will. A trust is a legal entity similar to a corporation so it holds title to your property. That's why there's nothing to probate if you already have a trust in place when you die. If you specify a trust to be created in your Will the probate court will decree it's establishment which basically creates it at that time. And yes, do a NFA trust all by itself, it's just a better idea and NFA trusts are much cheaper that a revocable trust.

What's the difference?

Scott Hearn · Jan 5, 2015

Jesse Tischauser said:
What's the difference?

The difference in what?

If your will stipulates a trust to be created, from what I've seen it's usually done by people who are "loaded to the hilt" and specify that certain assets are to be held for the benefit of the beneficiaries and what happens to the assets after those people die, what the trustees can and can't do with them, etc. I really don't know why people do it like this and don't just do a trust before they pass away to begin with because you can make the same stipulations. But I've read many a probate where this was done. Usually a significant amount ends up to charity when it's all said and done.

jtischauser · Jan 5, 2015

I am curious why an NFA trust is cheaper?

Scott Hearn · Jan 5, 2015

Jesse Tischauser said:
I am curious why an NFA trust is cheaper?

I don't know, but I think they are just simpler. My revocable living trust was $600 over 5 years ago and it's not complicated by any stretch. But that Attorney in Edmond will do NFA trusts for $200-$225 all day long. It may have something to do with the value of the assets going into them too. If you have $20 million in banks, land, and stocks the attorney is going to charge more to get all that covered? Just my suspicion...

wav3rhythm · Jan 8, 2015

Does anyone know of a lawyer near Lawton that can do NFA trusts?

Trunk Monkey · Jan 8, 2015

Winton law firm in Edmond did mine.

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Hoop · Jan 8, 2015

Winton Law in Edmond did mine as well. The guy knows his class 3 stuff. Seems like it was $200 to set it up, and 30 minutes of your time. His secretary sent all the forms, then I just met with him and signed everything.

wav3rhythm · Jan 9, 2015

Thanks... I'll check them out.

michaelclm · Jan 9, 2015

I'll second what David said. I just executed my Trust through Mr. Winton yesterday and it couldn't have been easier.

Go to www.wintonlaw.net and look for the NFA worksheet link. Print it, fill it out, then email or fax it back to them. Once they draft your documents they'll notify you and you pay the $200. Once that's done, they send the drafts to you for review and approval. Once your drafts are GTG, you go to their office and sign. I started the process Tuesday and drove down from Tulsa yesterday to sign. My drafts were complete Tuesday afternoon. Too easy.

He confirmed what I suspected during our meeting yesterday. Per his advice: You want one trust for your NFA items, then do another for your personal property (house, other firearms, land, etc.) as a part of your regular estate planning.